Assessing the Economic Partnership Agreement which is in its second phase, the Committee says remarkable progress is being made by Cameroon in trade with the European Union.
The observation was made in Yaounde by members of the follow up committee to monitor progress and results of the Economic Partnership Agreement signed between Cameroon and the European Union.
Signing the partnership in 2016, the Cameroon-European Union Economic Partnership Agreement which allows for custom free trade between both parties, aims at empowering the Cameroonian economy and enabling her compete on the international market.
This explains why the first phase of the partnership focused on the importation of capital goods such as medicine, fertilizers and gas in order to reduce poverty and improve livelihood.
The second phase of the partnership is expected to experience a 15% reduction in tariff of goods being exported to the European Union from Cameroon. Meanwhile the third phase will witness a 10% reduction from goods with high monetary value.
The follow up committee meeting which took place in Yaounde on February 27 2018, revealed that though Cameroon has lost 2.6million FCFA since the signing of this partnership agreement, the country has benefited from 2755 imports operations and the amounts of exports from Cameroon to the EU is evaluated at 95.2millions FCFA.
According to the President of the Economic Partnership Agreement Committee Daniel Claude Abate, Economic Operators have revealed the partnership is beneficial.
“We have more and more economic operators with companies which are benefiting from the EPA by importing a number of goods and equipment at a cheaper price. This is good”, Daniel Claude Abate affirmed.
At this juncture, it is only expected that this partnership will continue operating and yielding fruits for Cameroon’s economy until the year 2029.
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